EuroBic valued at more than 300 million euros by Lebanese investor

Roger Tamraz, the investor who’s trying to buy EuroBic, has already made a preliminary offer, valuing the bank at over 300 million euros, according to Jornal Económico. The Lebanese investor wants to control the majority of EuroBic’s capital, having made for now a proposal to buy Isabel dos Santos’ stake (42.5%) and more 5% of the Angolan shareholder Sebastião Lavrador.

For a 47.5% stake, Tamraz offered 143 million euros. According to the newspaper, the valuation was based on the bank’s own capital, using a price to book value method. At the beginning of the year, Abanca was willing to pay around 240 million euros for 95% of EuroBic, in a deal that eventually fell through.

The Lebanese investor will still have to find other shareholders who want to sell their part, since the promissory contract signed with Isabel dos Santos foresees that he can back off if he doesn’t take over 50% of EuroBic’s capital.